Although the Rule 10b5-1 Purchase Plan entered into by HSJS, LLC provided for daily purchases of the Issuer’s Class A Common Stock, subject to certain conditions and limitations, the broker implementing the Purchase Plan failed to purchase any Class A Common Stock on May 23, 2012. The decision not to purchase shares was made without the approval or knowledge of the Reporting Persons. Because the Purchase Plan had been deviated from, HSJS, LLC terminated the Purchase Plan on May 24, 2012.
I think it's pretty clear that the broker screwed up, and the 13D filing seems to be saying that Stifel was SUPPOSED to have been purchasing shares.
Does anyone know details of these plans? Do they need to be "continuous"?
It will be interesting to see, after EMMS's next earnings release, if the stock is at these levels, whether or not the buyback resumes. With the stock at $1.43, and a recent buy of 100K+ shares at an average of $1.70, I know where my bets are being placed.